Fast Food Industry Analysis

Fast-food Industry
Group 01
2278503
4196747
7681247
B025727
B026799
International Marketing
Dr. Essam Ibrahim
05/03/2012

Table of Contents
1. Executive Summary
2. Introduction
3. International Marketing Analysis
3.1. PESTEL Analysis and Environmental Impact Matrix (Macro Environment)
3.2. Porter’s Five Forces – Fast-food Industry
3.3. Identification of Key Players and their Competitive Position
3.3.1. Strategic Groups
4. Key Player – Evaluation of International Activities
4.1. Identification of Key Player
4.2. McDonald’s International Market Entry Modes
4.3. McDonald’s’ International Marketing Mix (7Ps)
4.3.1. Product
4.3.2. Price
4.3.3. Place (International Distribution and Supply Chain)
4.3.4. Promotion
4.3.5. People
4.3.6. Process
4.3.7. Physical Evidence
4.4. International Branding
4.5. McDonald’s Internal and External Analysis
4.5.1. Internal Analysis
4.5.2. External Analysis
4.6. Strategic and Tactical Recommendations for McDonald’s
4.6.1. Short Term (6 months – 1 year)
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4.6.2. Long Term (1 – 5 years)
5. Concluding Statement
6. Appendices
6.1. Appendix 1
6.2. Appendix 2
6.3. Appendix 3
6.4. Appendix 4
6.5. Appendix 5
7. Bibliography
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1. Executive Summary
This report provides an analysis of the international marketing environment of the global fast-
food industry and evaluates the international marketing activities of McDonald’s, which is
considered a key player.
Firstly, the PESTLE framework is used to analyse external environmental factors influencing
the industry. The Porter’s Five Forces framework is utilised to analyse the competitive rivalry
within the industry, and its attractiveness for potential new entrants. Key players and their
positioning was identified using a strategic-groups model, mapping brand value against
global presence.
Based on the industry analysis, McDonald’s was identified as the market leader and an
examination of their market entry modes was carried out. Their international marketing mix
was evaluated to identify success factors, drawing focus upon international branding,
international distribution, international communications and standardisation vs. adaptation of
the service offering. An internal analysis identified the firm’s strengths and weaknesses
whilst an external analysis considered the opportunities and threats posed to McDonald’s as
market leader.
Finally, short and long term strategic and tactical recommendations were outlined in order to
enhance McDonald’s competitive position within the global fast-food industry. These
recommendations are both realistic and well supported, based upon the evaluation of their
current strategy and activities.
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2. Introduction
The global fast-food industry is dynamic with a variety of competitors. This report
identifies the current factors influencing the industry before specifically focusing on
McDonald’s Corporation, who is considered as the current global leader. Based on this
analysis, the report identifies several areas for improvement and makes strategic
recommendations for McDonald’s to enhance its position.
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3. International Marketing Analysis
3.1. PESTEL Analysis and Environmental Impact Matrix (Macro Environment)
The following framework provides an analysis of the external international marketing
environment, relating to the fast-food industry:
Factor Impact of Factor Potential Opportunity or
Political � Government regulation on
labeling/packaging
� Governmental regulations over wage
Economical � Recession of 2008/high
unemployment rate
� U.S. housing market crash/EU
financial crisis
� Domino effect
Threat
Mild threat (-1)
Moderate Opportunity (+2)
Social � Health conscious trends Moderate Threat (-2)
Technological � Social media outlets for consumer
� Increasing comfort levels with
technology
Environmental � Lobbying for environmentally
friendly material
Legal � Advertisement regulations
� Health lawsuits
*These ratings are based on the authors’ subjective judgement
Significant opportunity (+5)
Opportunity (+3)
Major threat (-4)
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Political
Global fast-food firms must comply with country-specific political requirements, such as
national minimum wage regulations, affecting costs. Hygiene and quality regulations vary
significantly between nations and may influence the quality of products provided by fast-food
outlets (FDA, 2012). Different countries set varying regulations regarding labelling and
packaging. For instance the UK government pressured firms to promote healthy eating, and
several fast-food companies have voluntarily included calorie information on their products
(BBC, 2011).
Economic
Despite the 2008 recession and the resulting decrease in consumer confidence across the
globe, average consumer fast-food spending has increased (The Economist, 2010) due to
convenience and low-cost. Consumers are still looking for the convenience of eating out, but
are drawn to the low prices of fast-food over table-service restaurants (Financial Times,
2009). Many fast-food chains have capitalised upon the recession by introducing new deals in
addition to their already low-priced menus. Between 2005 and 2010, Latin America, Asia
Pacific, Eastern Europe and Russia accounted for 89% of global growth in the fast-food
industry (Passport, 2012).
Social
Increasing consumer awareness about healthy lifestyles has pressured many fast-food players
to offer healthier selections within their menus (BBC, 2011). This includes offering low-
calorie options and salads alongside burgers, and prominently displaying nutritional content.
The fast-food industry has also been heavily criticised for targeting young children by
including toys within children’s meals (New York Times, 2003). Recently in the UK, the
broadcasting of ‘junk food’ adverts during commercial breaks in children’s programmes has
been banned (BBC, 2007), following increasing childhood obesity.
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Technological
As consumer familiarity with new technology increases, fast-food firms are using channels
such as social media websites to engage with their customers. For example, McDonald’s is
the 9 th most ‘liked’ brand on Facebook (CNBC, 2012) (Appendix 1). Additionally, digital
displays allow outlets to change their menus efficiently, to suit the time of day (NRA, 2012)
and self-service ordering points have increased service speed and reduced labour costs.
Environmental
Environmental lobbyists and governments are pressuring the fast-food firms to become more
‘green’ (Greenpeace, 2012). Rainforests are being destroyed to increase the area of land for
beef production to meet the demand for beef-burgers (Kline, 2007). Recycling is a prominent
global issue and in response, McDonald's adopted recyclable packaging. Increased
environmental awareness among consumers provides firms with a significant opportunity to
position themselves as ‘green’ to garner customer loyalty (National Pollution Prevention
Centre for Higher Education, 1995).
Legal
Global operators must comply with country-specific regulations and legislation. This includes
opening hours, taxation and employment regulations such as the National Minimum Wage
Regulations (1999) in the UK. Firms are often required to meet national food standards such
as the requirements set out by the US Food and Drug Administration (FDA). Furthermore,
authorities are becoming increasingly worried about childhood obesity associated with the
industry (WHO, 2012) and have tightened regulations regarding targeting children.
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3.2. Porter’s Five Forces – Fast-food Industry
This framework identifies the competitive forces affecting the fast-food industry:
THREAT OF NEW ENTRANTS
Industry dominated by global chains
with very high brand values
High brand awareness and loyalty
Retaliation from strong incumbent
players
Low initial capital outlay
Low fixed costs
Economies of scale
POWER OF SUPPLIERS
Many undifferentiated
suppliers
Fast-food chains have
high purchasing power
due to high volume
COMPETITIVE RIVALRY IN
THE FAST-FOOD INDUSTRY
Fragmented market
Low exit costs
Low margin, high turnover –
drives competition
High brand power
POWER OF BUYERS
High product differentiation
Target many segments
High price sensitivity
THREAT OF SUBSTITUTIONS
Alternative foodservice
options
Ready meals and home
cooking ingredients
Main players quite
differentiated
No switching costs
Convenience is the value
adding component which
is difficult to substitute
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Threat of New Entrants - Moderate
The industry is dominated by a number of international Quick Service Restaurant (QSR)
chains, including McDonald’s, Burger King, Pizza Hut, KFC and Domino’s (Datamonitor,
2010). These global brands are extremely valuable, boasting strong customer loyalty and
recognition; indicating consistent quality and service. Key players including McDonald’s,
adapt their marketing orientation to suit local cultures and social norms (Datamonitor 2010),
strengthening the brand and avoiding consumer alienation. New players struggle to compete
with incumbent firms, as their brands are unknown and advertising campaigns are expensive.
Established chains have the resources to retaliate aggressively through pricing promotions,
deterring new players from entering the marketplace. New entrants lack economies of scale,
which existing chains have developed over time, and utilise to remain competitive in this
low-margin, high-turnover industry. However, social media websites have evened the playing
field in terms of marketing communications; they allow firms to efficiently communicate
their message inexpensively. Initial capital outlay and fixed costs are low, encouraging new
entrants (Datamonitor, 2012).
Threat of Substitutions – Moderate
Substitutes are readily available: food can be purchased almost anywhere, through
foodservice or retail. However, convenience is the value-adding component of the service
which reduces the threat of substitutes. Consumers can cook at home cheaply, but this lacks
the convenience element which people require nowadays. Ready-meals are therefore a more
substantial threat, competing with fast-food on price as well as convenience (Datamonitor,
2012). If you are ‘on-the-go’ however, without access to a microwave, QSRs are almost
uncontested if you want a hot meal in a short timeframe. With many differentiated players
(Datamonitor, 2012) and varying service offerings, customers can select the best value option.
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Competitive Rivalry – Strong
Although McDonald’s and Burger King almost hold a duopoly in the ‘burger segment’, the
market as a whole is fragmented with many global chains and independent operators
(Datamonitor, 2012). Competition is primarily cost-based with firms continuously investing
in their production and service processes to undercut competitors. Exit costs are low and
capacity is easily increased through franchising. Branding is the most prevalent weapon for
competing; McDonald’s spent over $650 million on global advertising in 2009 (Datamonitor,
2012).
Power of Buyers – Moderate
Figure 1 shows sales and growth of the top ten fast-food companies (Euromonitor
International, 2012). The market’s competitiveness increases buyer power and customers are
price sensitive (Muhlbacker et al., 1999) with no switching cost between providers. However,
key players attempt to reduce buyer power, offering a product range which caters for the
entire demographic, rather than one specific segment. For example, McDonald’s target
children with ‘Happy Meals’ and professionals with breakfast options and take-away coffee
(McDonald’s, 2012). Firms are increasingly promoting differentiated products: McDonald’s
“Big Mac”, Burger King’s “Whopper” and offers such as Domino’s “Two for Tuesday”
campaign. High brand value and customer loyalty has reduced buyers’ bargaining power. The
2011 ranking of the top 100 brands indicates McDonald’s’ success (Interbrand, 2011).
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Power of Suppliers – Moderate
Figure 1: Top Ten Fast-food
Companies by Growth.
With a competitive global supply chain, supplier power is limited. “17,500 British and Irish
farms that provide us with top-quality ingredients.” (McDonald’s – UK, 2012) These farms
supply Tier 1 suppliers who transform raw materials into food items, ready for McDonald’s
to cook and serve. Due to the number of suppliers in the industry, it is difficult for them to
leverage significant power over fast-food firms.
The supply of soft-drink is dominated by Coca-Cola (McDonald’s and Burger King) and
Pepsi (KFC) due to their global distribution channels. Additionally, Coca-Cola and Pepsi
provide fast-food chains with equipment such as refrigerators and drink dispensers. This
markets their brand and aligns it with fast-food brands, reducing costs for customers, which
would otherwise be passed onto them (SMO, 2011).
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Global
Brand
Value
(US$)
3.3. Identification of Key Players and their Competitive Position
3.3.1. Strategic Groups
The following framework identifies the key players in the international fast-food
industry and identifies which firms are in the most direct competition with each other:
*These ratings are based on the authors’ subjective judgement
Taco Bell
Wendy’s
Pizza Hut
Domino’s
Burger King
Global Presence
McDonald’s
Subway
Brand value and the chain’s global presence (Appendix 2) are significant indicators of
overall performance. The above strategy-group chart maps the firms’ performance.
Brand value (US$) is plotted against the chain’s global presence, in terms of the
number of outlets worldwide. The strategy-grouping shows that McDonald’s has the
KFC
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highest global market value and revenue in the industry, despite Subway having more
international outlets.
4. Key Player – Evaluation of International Activities
4.1. Identification of Key Player
Based upon their global presence, market value and revenue, McDonald’s is identified as
the key player in the industry.
4.2. McDonald’s International Market Entry Modes
In 1940, McDonald’s operated only one QSR but today has restaurants at 33,000
locations in 119 countries. McDonald’s utilises a variety of international market entry
modes for rapid expansion: sole ventures, franchising, master franchising and joint
ventures.
15% of McDonald’s branded restaurants are operated as sole ventures. This involves a
significant capital commitment but allows the highest degree of control.
Most restaurants are operated as franchises, allowing rapid expansion without high capital
requirements. Franchising has also allowed McDonald’s to benefit from local knowledge,
demonstrated by the menu differences by country. However, McDonald’s maintains
control over crucial aspects such as the supply chain, marketing mix and staff training.
Master Franchising introduces a third party as a ‘go-between’ to overcome geographical
and cultural barriers. The combination of the master franchisee’s local knowledge and
McDonald’s brand and model has been a successful formula, allowing expansion whilst
maintaining significant control.
McDonald’s has also expanded internationally through joint ventures. Again, this allows
for rapid expansion and utilises the knowledge of firms in closely-linked markets. Since
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oth firms invest equity in the project, there is a lower financial risk for both parties;
however, many joint ventures end in hostility and conflict due to firms taking advantage
of one another (Brown and Harwood, 2010).
4.3. McDonald’s International Marketing Mix (7Ps)
This framework identifies many of McDonald’s success factors within each business area.
4.3.1. Product
McDonald’s strives to offer a standardised service worldwide (McDonald’s
Corporation, 2012). However, the company is embedded with an ‘entrepreneurial
spirit’ giving franchisees some local control and creativity, providing the service
offering is of a high standard (Appendix 3). Some of the most famous products
including the Fillet o’ Fish, the Egg McMuffin and the Big Mac were created through
franchisee innovation. Franchisees are given autonomy to adapt the products
(Datamonitor, 2010) whilst the corporation maintains a high degree of standardisation
through quality control. The majority of well-known products are usually offered in
all markets unless they do not suit local customs and religion. For instance, Big Macs
are not sold in Indian outlets as the population is primarily Hindu. However, even
‘iconic’ products are adjusted to local taste such as providing spicier food in most
Asian countries, allowing the company to overcome a variety of cross-cultural
barriers (McDonald’s, 2012).
4.3.2. Price
McDonald’s has positioned itself as a fast-food outlet offering low-cost food and
drink. The affordable menu has been adapted worldwide whilst maintaining their core
goal of quality assurance. Ongoing innovation has allowed new pricing strategies such
as the ‘Dollar Menu’ or its equivalent ‘Saver menu’ in the UK (McDonald’s
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Corporation, 2012). In response to increasing food costs, McDonald’s opted to
increase prices by less than 1%, adopting the change gradually to the menu in order to
retain price-sensitive customers (Lockyer, 2011).
4.3.3. Place (International Distribution and Supply Chain)
Although McDonald’s product offerings differ between countries, they operate a
standardised global supply chain. This lean operation is 100% outsourced with no
back-up system. The chain comprises of two tiers. Tier 2 suppliers are primarily food
producers, whilst Tier 1 suppliers are processors. For example, a Tier 2 potato farm
supplies a Tier 1 processing firm who turn the potatoes into French-fries and potato
wedges. Produce is transported to distribution centres before allocation and delivery
to individual restaurants. The success of the supply chain is attributed primarily to
their commitment to outsourcing non-core activities to expert firms.
McDonald’s supplier terms are rigorous; suppliers are expected to be accountable
until the food is consumed and the end customer is satisfied. Legally-signed contracts
with suppliers are not used; all deals are made on a handshake because they operate a
‘one supplier - one product’ policy and maintain long-term relationships regardless of
the external environmental conditions.
McDonald’s has 30 – 35 stock-keeping units at the supply side, creating a streamlined
operation. Sole distribution partners are responsible for the entire logistics process in
designated geographical areas, whether it be the daily hamburger order, or a
replacement appliance. McDonald’s continuously scrutinises these partners to ensure
they are meeting goals and benchmarks to improve efficiency.
The ‘pull strategy’ allows individual restaurants to place orders with distribution
centres, which then re-issue orders to suppliers who only produce the quantities
ordered. This means suppliers hold little surplus stock, optimising efficiency.
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The 31Q system forecasts demand accurately, allowing suppliers to plan three years
in advance. Lead-time is critical and this system ensures that demand is always
catered for.
Hazard Analysis Critical Control Point (HACCP) and Supplier Quality Management
System (SQMS) programmes ensure compliance with legislation. These systems trace
food produce ‘from farm to fork’ and ensure quality, hygiene and food safety at every
level.
4.3.4. Promotion
McDonald’s achieved 6 th position on “Best Global Brands 2011” as a result of
continuous promotional activities. The iconic “Golden Arches” (Appendix 4) are used
in promotions globally. The “i’m lovin’ it” campaign, launched in 2003 used celebrity
endorsement to increase their appeal to younger consumers. Justin Timberlake was
used for vocals and the campaign was launched in 86 English-speaking countries
(Appendix 5) and was adapted for non-English speaking countries.
Recently, the “what we’re made of” campaign increased transparency and was used to
fight against negative publicity regarding ingredients.
4.3.5. People
At McDonald’s, service employees represent the brand at the frontline where
customers have their first interaction with the organisation. It is important that staff
give a good impression and therefore, training is of paramount importance.
Employees undergo rigorous on-the-job training in customer service, food handling
and preparation.
In addition, McDonald’s provides opportunities for managers and would-be
franchisees to develop and hone their management skills through a dedicated facility –
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the Hamburger University (HU). HU has campuses worldwide and provides training
for employees to improve their proficiency in managing the restaurant.
McDonald’s aim is to create a vibrant working environment for staff and managers.
This creates a chain effect whereby customers are positively influenced and are more
likely to return. To re-create this chain effect in different markets, the recruitment and
training processes are standardised globally. McDonald’s is always on the look-out
for lively team players who are trained according to guidelines, which provides
Quality, Service, Cleanliness and Value (QSC&V) to every customer that they serve.
4.3.6. Process
As the term ‘fast-food’ suggests, McDonald’s prepares and serves food rapidly. Strict
guidelines and regulations are followed in food preparation to ensure high standards
of hygiene and food safety. Customers can usually see the kitchen while being served,
allowing transparency, so customers can eat in confidence. Food is mass-cooked and
hot-held until service. However, due to the continual stream of customers, it does not
deteriorate before consumption.
To maintain its foothold as market leader, McDonald’s maintains a high degree of
process standardisation across all outlets to increase efficiency. This ensures that they
have high standards of hygiene and food safety in all outlets.
4.3.7. Physical Evidence
McDonald's has a homogenous ‘look’ across their outlets from décor to staff uniform.
Their global re-branding strategy furthers standardisation, allowing consumers to
experience familiarity despite visiting outlets in different countries. In family-oriented
areas, there are indoor playgrounds to satisfy customers. The company ensures that all
franchisees comply with regulation regarding hygiene to maintain their reputation for
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cleanliness. Staff training is standardised globally to ensure customers are treated
consistently.
4.4. International Branding
McDonald’s relies heavily on brand recognition. The company’s ‘Golden Arches’ are an
iconic aspect of American culture, which has been successfully exported to the rest of the
world. During the mid 2000’s, McDonald’s began a global re-vamp of their image
(Bloomberg Business Week, 2006) following bad publicity associated with the company
(Kline et al., 2007). The aim of re-branding was to create a sleeker and ‘friendlier’ look,
appealing to younger generations. However, the brand continues to face criticism across
the globe regarding their unhealthy menu, unfair competition and trade practices
(Datamonitor, 2011).
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4.5. McDonald’s Internal and External Analysis
The following framework identifies McDonald’s internal strengths and weaknesses along
with external opportunities and threats.
Favourable Unfavourable
Internal � Large saturated target
4.5.1. Internal Analysis
McDonald’s boasts a brand value of $35,593 million (2011), a 6% increase from the
previous year (Interbrand, 2011) and their ‘Golden Arches’ is said to be the “most
recognized symbol in the world” (Business Insider, 2010). Between 2007-2010, their
profit margin increased from 3.74% to 13.27% in the UK (Datamonitor, 2010),
suggesting a significant improvement in efficiency. The successful introduction of
new menu choices, coffees and smoothies increases differentiation, improving
customer loyalty.
audience
� Strong global brand
� Large product offering
� Strong ability to adapt
External � Franchise opportunities
� Increase in Out-of-Home
eating
� Growth of hot drink market
� High staff turnover
� No prime location
� Saturation in 119 countries
� Health trends in eating
� Replacements for fast-food
� Financial Crisis/Inflation
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McDonald’s has high brand reliance and if damaged by negative publicity, it could
ruin credibility and customer loyalty could deteriorate. Additionally, McDonald’s
high staff turnover rate of 130% results in high recruitment and training costs
(Schmeltzer, 2007).
4.5.2. External Analysis
McDonald’s has many opportunities in the external environment due to an increase in
eating out, and growth of the hot drinks market. During the recession, McDonald’s
Informal Eating Out (IEO) market share increased to a record high of 11.5% and a
quarter of surveyed teenagers said they purchase fast-food at least once a week
(Mintel, 2011).
The global hot drink market generated $68 billion in revenues in 2009 and is
predicted to grow to $81.4 billion by 2014, presenting McCafe, McDonald’s
speciality coffee kiosk an opportunity to thrive. Until recently, McCafe has been a
product development within existing outlets; however, McDonald’s could launch a
new franchise scheme for McCafe as an independent brand with its own outlets in this
rapidly growing market.
McDonald’s market share increased during the 2008 recession, but high inflation rates
still affect global daily dealings (Mintel, 2011). Competition from daily-deals
websites such as Groupon, reduces the cost of table-service restaurants, often to the
same price-point as QSRs. This is a substantial threat to McDonald’s as it brings more
players into direct competition.
Health consciousness trends are a global threat, as McDonald’s has been traditionally
perceived as offering only fatty food. Recently, some healthier options have been
introduced, i.e. salads and wraps, in efforts to shift their position in the consumer eye.
However, the brand is still perceived as ‘unhealthy’ and this poses a continual threat.
20

McDonald’s has been highly criticised for high-calorie menu, and it could have a
negative impact over time if health and wellness trends continue (Datamonitor, 2011).
4.6. Strategic and Tactical Recommendations for McDonald’s
The following table outlines the strategic and tactical recommendations for the future
success:
Short-term (6 months- 1 year) Long-term (1- 5 Years)
Continue expansion of their franchises in
developing markets with growing middle
classes
Adapting the menus to the cultural and
regional taste (brazil pastry, India – cheese,
size adaptation)- health trends
Loyalty program- point system leading to
free item system, discount
Increase recycling and environmental
friendly material and packaging completely
Increase charity work such as health
conscious charities as more regulation for
advertising appears
Enter health conscious food market with
another brand
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4.6.1. Short Term Recommendations (6 months – 1 year)
Further expansion in emerging markets with growing middle classes provides growth
opportunities since many western markets are saturated.
Cultural taste is already a focus for McDonald’s and emerging economies offer
multiple opportunities for product adaptation. For example, pastry options in Brazil
and cheese products in India could increase sales. Further adaptation of meal size and
price will cater for a larger market demographic.
A loyalty scheme can be used to increase purchase frequency. This could be initiated
through student discounts, or a points-based scheme offering a free item after multiple
purchases.
4.6.2. Long-Term Recommendations (1 – 5 years)
With growing environmental awareness, environmentally-friendly and ethically-
sourced packaging could be used to further differentiate McDonald’s from
competitors.
Although McDonald’s supports various charities including the Ronald McDonald
House Charities, further emphasis on charitable work could positively alter customers’
perception of the brand, especially since their product offering is often seen as a
barrier to “good health”.
Entering the health-conscious fast-food market under the guise of a different brand
would secure a larger market share and diversify their business, spreading the risk of
failure. For example, Coca-Cola launched the health-conscious Vitamin Water brand,
which is perceived very differently to Coca-Cola itself.
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5. Concluding Statement
The fast-food industry was identified as a low-cost, high-turnover industry with strong
competitive rivalry. After a thorough industry analysis, McDonald’s was identified as
the market leader and was selected as a key player on which to carry out an evaluation
regarding their international marketing activities. Upon recognition of both internal
and external factors, supported recommendations were formed to enhance
McDonald’s’ competitive position in the international market.
23

6. Appendices
6.1. Appendix 1
McDonald’s is the 9 th most ‘Liked’ brand on Facebook:
(www.cnbc.com)
24

6.2. Appendix 2
Map depicting McDonald’s global presence:
25

6.3. Appendix 3
Examples of franchisee adaptation catering for local tastes, cultural differences and social
norms:
26

6.4. Appendix 4
Iconic ‘Golden Arches’ logo used globally in all promotional material:
(www.mcdonalds.com)
27

6.5. Appendix 5
Table showing countries in which the McDonald’s “I’m lovin’ it” campaign was
standardised:
i’m lovin’ it English
American Samoa, Andorra, Australia, Austria,
Azerbaijan, The Bahamas, Bahrain, Belarus, Belgium,
Brunei, Bulgaria, Canada, China, Croatia, Cyprus,
Czech Republic, Denmark, Dominican Republic,
Estonia, Fiji, Finland, France, Georgia, Gibraltar,
Greece, Guam, Hong Kong, Hungary, Iceland, India,
Indonesia, Ireland, Isle of Man, Israel, Italy, Japan,
Jordan, Kazakstan, Kuwait, Latvia, Lebanon,
Liechtenstein, Lithuania, Luxembourg, Macau,
Macedonia, Malaysia, Mauritius, Mexico, Moldova,
Monaco, Montenegro, Morocco, Netherlands, New
Caledonia, New Zealand, Northern Mariana Islands,
Norway, Oman, Pakistan, Poland, Portugal, Qatar,
Romania, Russia, Samoa, San Marino, Serbia,
Singapore, Sint Maarten, Slovakia, Slovenia, South
Africa, South Korea, Spain, Sri Lanka, Suriname,
Sweden, Switzerland, Taiwan, Thailand, United Arab
Emirates, United Kingdom, United States, Yemen
28

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Journals
Kilne, S and Botterill, J (2007), “From McLibel to McLettuce: childhood, spin and rebranding”,
Society and Business Review, Vol. 2, No. 1
Shona Kerfoot, Barry Davies, Philippa Ward (2003) "Visual merchandising and the creation
of discernible retail brands", International Journal of Retail & Distribution Management, Vol.
31 Issue: 3, pp.143 - 152
Text books
Brown, A and Harwood, S (2010), “International Business: Globalisation and Trade”.
Pearson Custom Publications
Muhlbacher, Dahringer and Leihs (1999) “International Marketing”. London: Thomson
Business Press. Pg: 1-201
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